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Agricultural Technical Progress and the Development of a Dual Economy
A two-sector model of a developing country consisting of agriculture and industry is presented. Growth and structural change are discussed in variants with exogenous as well as endogenous technical progress, algebraically and by numerical simulations. Consequences from taking into account peculiarities of food production and consumption are analyzed. These include technology adoption in agriculture, Engel's law and a relationship between the level of nutrition and productivity.
Nonlinear Time Series Analysis with Applications to Foreign Exchange Rate Volatility
The book deals with the econometric analysis of high frequency financial time series. It emphasizes a new nonparametric approach to volatility models and provides theoretical and empirical comparisons with conventional ARCH models, applied to foreign exchange rates. Nonparametric models are discussed that cope with asymmetry and long memory of volatility as well as heterogeneity of higher conditional moments.
Indivisibilities
The analysis of this volume represents an attempt to apply modern mathematical techniques to the problems arising from large and significant indivisibilities. While the classical microeconomic theory refers to assumptions about the convexity of production sets and consumer preferences, this book directs the attention to indivisible commodities. It investigates the influence of the assumed indivisibilities of factors and goods on the results of the microeconomic theory of the firm, the theory of the household and market theory.
The Institutionalised Transformation of the East German Economy
"It is, perhaps, worth stressing that economic problems arise always and only in consequence of change. So long as things continue as before, or at least as they were expected to, there arise no new problems requiring a decision, no need to form a plan. " (Hayek, 1945, p. 523) This book is based on my research for the degree of Doctor of Philosophy which I received from Lancaster University, England in the second half of 1997. It is an analysis of the structural transformation of the economic system in East Germany and the behavioural relations these changes imply. The approach of institutionalised transformation (not the least by the creation of the Treuhandanstalt) is examined with a theor...
Utility and Production
Grateful acknowledgement is made to CICYT (Comision Intenninisterial de Ciencia y Tecnoiogia), National Plan R+D, Projects N-TXT96-2467 and N TXT98-1453 for its financial support. This text presents the economic theories on Utility and Production. In addition, such theories are used to explain the real problems of consumers and firms and several studies carried out by the author are displayed. Some collaboration by other professors of Economics is mentioned in the corresponding footnotes. The responsibility for errors and omissions, however, rests entirely upon tbe author. In chapters 1 and 4 of the book try to present the theory of Utility and Production. Chapter 3 presents new functional forms and two empirical applications, on demand functions and systems. In chapters 2 and 5, the main theorems and properties presented in chapters 1 and 4 are applied. Chapter 6 presents new functional forms and two empirical applications, on production and cost functions respectively.
Imperfect Information and Investor Heterogeneity in the Bond Market
Real world investors differ in their tastes and attitudes and they do not have, in general, perfect information about the future prospects of the economy. Most theoretical models, however, assume to the contrary that investors are homogeneous and perfectly informed about the market. In this book, an attempt is made to overcome these shortcomings. In three different case studies, the effect of heterogeneous time preferences, heterogeneous beliefs and imperfect information about the economy's growth on the term structure of interest rates are studied. The initial chapter gives an introduction to the theory of financial markets in continuous time under imperfect information and establishes the existence of an equilibrium with complete markets.
Mathematical Economics of Multi-Level Optimisation
Since there exists a multi-level policy making system in the market economies, choices of decision makers at different levels should be considered explicitly in the formulation of sectoral plans and policies. To support the hypothesis, a theoretical energy planning approach is developed within the framework of the theory of economic policy planning, policy systems analysis and multi-level programming. The Parametric Programming Search Algorithm has been developed. On the basis of this theoretical model, an Australian Energy Policy System Optimisation Model (AEPSOM) has been developed and is used to formulate an Australian multi-level energy plan.
The Development of Equity Capital Markets in Transition Economies
This book addresses two different but related topics that can arise during the development of equity capital markets and which could possibly hinder their development: partial privatisation and shareholder rights. Both issues are developed in the context of transition economies in general and Russia in particular. Chapter 2 puts forward a theory of partial privatisation, i. e. a model that aims to explain why the state keeps some residual shares. Several recent surveys for Russia have shown that the state does often not actively use the voting rights of its residual shares. If this was true, partial privati sation could entrench management and hinder restructuring. It would also limit the su...
Governance of Communication Networks
Few would doubt the potential of information technology to connect individuals, firms and organisations. Whether this will actually lead to the integration of markets and societies is a different issue. The articles collected in this book shed light on crucial considerations for the success of global communication networks. These include frameworks for regulation, inclusion of customers in defining product and service strategies, access to advanced technology and networks for all groups, and more.
The German and Dutch Economies
Institutions have both positive and negative effects on economic performance. The theoretical and empirical understanding of the roles played by institutions, norms and culture in the functioning of markets still is limited. This book contributes to a better understanding of the role played by institutions in economic life and to more balanced and better founded policy decisions related to the (re)structuring of industrial economies in response to the structural changes - internationalisation of the economies, the advances in information and communication technology and the ageing of populations - they all are confronted with.
